VLO

Quote from Hydroblunt:

Should have, would have. Do not discount the absurd spreads, price disimprovement and inability to get filled properly. Position trading was the way to go on this but how in the world does anyone figure that out early in the morning, especially when the specialist pulls out the bottom every chance he has. Trade this stock every day for a few weeks and you will understand that taking the position trade approach on this will leave with very dissapointing results. I do not know one scalper that can still make consistent money on VLO although I know there are some out there. I know a few that used to do fine with it but in the past year they kept getting raped so badly on it that they just gave up. Go figure, stock has been making some serious moves which look like a world of opportunity after the fact but it is an illusion. Made some dumb shorts at first with ridiculously bad fills (still trying to figure out how I got those prices). When I kept trying to go long, I got filled 1 out 5 times. Horrible risk/reward thanks to specialist screws, unless you are willing to pay up the a$$, take size, cross your fingers and close your eyes.

As an investment, VLO is old news. Oil itself is a manipulated product lately, there is more to the equation than simple oil fundamentals, think of the fiat currency that oil is being priced in.
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Hydro I hate specialists as much as you do, but today this stock traded 36million shares. Did you see the size of the trades going off at certain points. 20-90k blocks. Today you just had to watch oil (Crude, OIX,OSX whatever it is you use) get long and just believe. I ended up getting in at 100. Only 1500 shares but it just was just going higher all day. Never a reason to sell. A guy who trades next to me kept on buying (market orders and ECN's) and ended up with 5800 shares at an avg of 101.50 (somewhere around there). SUN, GI,LSS,BR,TSO they were all there for the taking today.
 
That stock was freaking amazing. I just got too freaking excited by the action and lost my cool and all sense of risk control. I also wasn't watching how oil and other oil stocks were doing.
I blew a huge opportunity today cause I think in this historically low volitility market the only way to make money is by trading news or something going parabolic.
 
Quote from chewbacca:

That stock was freaking amazing. I just got too freaking excited by the action and lost my cool and all sense of risk control. I also wasn't watching how oil and other oil stocks were doing.
I blew a huge opportunity today cause I think in this historically low volitility market the only way to make money is by trading news or something going parabolic.
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Worry not, there will be many more opportunites, will you take advantage of the next one? FWIW, Many things are working well in this market, I don't believe that you need news events or parabolic moves to make money, you must have a multi-strategy, multi-market, multi-time frame approach. This helps you have more consistency in your income, which leads to greater confidence, which leads to better trading, because you aren't trading the money!

Good trading to all!

Mike
 
Quote from 2yearNewbie:

Hydro I hate specialists as much as you do, but today this stock traded 36million shares. Did you see the size of the trades going off at certain points. 20-90k blocks. Today you just had to watch oil (Crude, OIX,OSX whatever it is you use) get long and just believe. I ended up getting in at 100. Only 1500 shares but it just was just going higher all day. Never a reason to sell. A guy who trades next to me kept on buying (market orders and ECN's) and ended up with 5800 shares at an avg of 101.50 (somewhere around there). SUN, GI,LSS,BR,TSO they were all there for the taking today.
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You're right and I've actually been learning the sector plays lately, had some luck in steel last week. It's just that this month just left me a little sore from the NYSE crew. And no flowers either, :mad:
 
Quote from Szeven:

...but i just couldnt get my finger to hit the buy key because of the extreme specialist lag, fear of finding the top, and high chance of being shaken out. Then 30 seconds later i wish i had bought and the cycle continued.
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Read The Way of the Warrior Trader, especially the section on the A.C.T.I.O.N. plan...
 
Hire a detective. Figure out the specialist rotations. Trade the man, not the stock. One way of doing it.

VLO should've been a nasdaq stock. imo
 
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